FinLync for Insurance Companies

Send claim payments faster, view premium payments in real-time, and give policyholders the option to receive funds via PSPs.

Delight policyholders with faster settlements and expanded payout options

 

Gain a competitive advantage by delivering claim settlements faster. Legacy bank connectivity methods like SWIFT and host-to-host force treasury to work on the bank’s schedule, which delays settlement processing. The result is frustrated policyholders and low client satisfaction scores due to late-arriving payments.

How FinLync fixes it: Process settlements faster by sending and receiving multi-bank data in real-time and take advantage of real-time payment networks like Zelle, FedNow, UK Faster Payments and more. FinLync’s uniquely advanced bank API technology allows you to advance beyond slow, legacy connectivity channels while retaining all the connections you need, plus it delivers expanded data points – all without having to manage the connectivity.

High costs to maintain dozens of payment messaging standards. Clients want the option to disburse claim settlements to PSPs such as PayPal, Venmo, Grab and others, but the setup and maintenance of so many messaging standards requires substantial IT resources.

How FinLync fixes it: With our secure API aggregator, you gain a single endpoint for all your banks and PSPs, regardless of data formats. All incoming data is automatically normalized into one single, standardized format that is simple to connect to – turning a previously complex connectivity challenge into a simple plug-and-play process.

Poor visibility of incoming premium payments. Waiting on bank statements to kickoff reconciliation is painful, especially for processing incoming premium payments.

How FinLync fixes it: With all FinLync products, bank data is delivered in real-time via bank APIs. Reconciliation can begin the moment a premium has been received, and balances and transactions across all banks can be refreshed as frequently as desired. For companies using SAP, FinLync’s Reconciliation app provides unrivaled matching accuracy because it’s embedded inside the ERP, so it can access the ocean of invoice data, payment remittance data and acquirer statements, dramatically improving matching quality.

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